Well this is just getting annoying now. Just got ANOTHER error message...this time the steering lock warning symbol in red has appeared, car will still start and drive ok...yet the error message says that i wont be able to start the engine again..
So I have read posts stating possible solution to fix this problem:

1. Steering column needs replacing, which would be well over $1000, unless it gets replaced by good will from BMW (and apparently there's a recall for this?)
2. Battery needs replacing, not enough voltage to trigger the unlock (but my battery was only replaced 4 months ago)
3. Reprogram and software update

Has anyone had this error before, would appreciate any advice on which possible options to take or other altenative solutions to this..

I got this now also
What happens if I just keep drive and the dumb symbol stays on my dash
Car runs fine still ?

From what I have read it eventually goes red and the car wont start essentially shutting down the vehicle so you have to take it to the dealership.

It would be interesting to get some feedback from the OP into what he had done to solve his problem, some guys state a software update fixes it though it seems the majority have to go with a new column (I have seen a fair few 2nd hand spares for sale though they were from LHD vehicles...)

Majority of the times, it's a steering column lock problem.
Steering column had to be replace.
A diagnoses from the factory diagnostic will tell you what it requires, sometimes new column plus programming, sometimes just programming.
I have never heard the battery would cause that.
I have seen many case where the car still starts and drives normal. And as many case where the car will not start at all. It will require a diagnostic machine to be plug in to it and reset the counter on the ELV.

Majority of the times, it's a steering column lock problem.
Steering column had to be replace.
A diagnoses from the factory diagnostic will tell you what it requires, sometimes new column plus programming, sometimes just programming.
I have never heard the battery would cause that.
I have seen many case where the car still starts and drives normal. And as many case where the car will not start at all. It will require a diagnostic machine to be plug in to it and reset the counter on the ELV.

Yeap. You're right, it depends on whether you can still drive it or not. I was able to drive mine after the error and all i needed was a programming